The Fourth Industrial Revolution (4IR) changes the global landscape of manufacturing competition, reducing the relative competitive advantage of low-cost regions that rely on cheap labour. However, it has not attained the same level of progress on product design and manufacturing processes which can help facilitate better use of materials. The manufacturing industry has made some progress in recent years on materials, waste management, recycling and energy efficiency initiatives. These are done by facilitating the transformation of the manufacturing industry and its firms, advancing to the next technology frontier and raising their economic wellbeing. Nations are now increasing their focus on developing advanced manufacturing capabilities by investing in high-tech infrastructure and quality education. The ramification it brings for manufacturing firms is forcing nations and governments to re-evaluate how the manufacturing industry operates and contributes to economic growth. Many see these changes as an ushering of new era of growth, change and opportunity. However, we know that this transformation is unlike anything we have seen before due to the sheer pace and breadth of these changes. It is difficult to predict precisely how this transformation will impact different industries and countries.
The world is currently amidst a technological transformation that will fundamentally change the way we live and work.
